Press Release No. 13/269

Press Release: Statement by IMF Managing Director Christine Lagarde on G-20 Ministerial Meeting in Moscow

July 20, 2013

Ms. Christine Lagarde, Managing Director of the International Monetary Fund (IMF), issued the following statement today after the conclusion of the Group of 20 Finance Ministers and Central Bank Governors meeting in Moscow:

“I would like to thank Finance Minister Anton Siluanov and Bank of Russia Governor Elvira Nabiullina, and their teams, for hosting us.

“As emphasized by the G-20, the global economy remains too weak and unemployment is too high in many countries. Although there are signs of strengthening activity in the U.S. and Japan, the recession in the euro area continues, and many emerging markets are growing at a slower pace. There has also been an increase in financial market volatility and tightening of financial conditions.

“We had constructive discussions on these issues, including notably on the spillover effects of monetary policies, the implications of recent market volatility, and the need for balanced and credible fiscal strategies. We also agreed on the importance of comprehensive structural reforms to raise productivity, reduce rigidities and support growth. These discussions will lay the basis for policy commitments in the St. Petersburg Action Plan.

“Financial regulation and international taxation issues, including the agenda for dealing with international spillovers of national tax policies, also received attention in Moscow. The IMF will continue to do its part in these areas, given their significant implications for the global economy.

“A joint Labor and Employment and Finance Ministers’ meeting that was also convened in Moscow discussed efforts to promote employment and job creation programs. These are welcomed measures that should be combined with appropriate macroeconomic and labor policies to foster innovation, promote growth, and high quality jobs.

“I also note G-20 support to work with our membership to complete the IMF’s 2010 quota reforms. I urged countries to quickly ratify the measures necessary to implement this important agreement and complete the governance reform agenda as soon as possible in line with IMF commitments.

“I look forward to the G-20 Summit of Heads of State and Government in St. Petersburg in September that will review many of the key issues and challenges facing the global economy that we discussed today in Moscow.”